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Mobile & Wireless

Omidyar, ACCION invest in Zambian co Mobile Transactions

Thursday 1 March 2012 | 09:20 CET | News
US-based philanthropic investment firm Omidyar Network and US micro-finance firm ACCION International said that they have invested USD 3.2 million in Mobile Transactions International of Zambia. Mobile Transactions International uses mobile technology and an agent network to enable financial transactions across the Zambian economy. The USD 4 million investment round also includes USD 500,000 in converted debt funding from Mennonite Economic Development Associates (MEDA), a 'compassionate' investment association. This is the first venture capital deal in a Zambian start-up technology company and will enable Mobile Transactions to develop its leadership team, agent network and technology platform to provide financial access to under-served organisations and base-of-the-pyramid consumers in Zambia and in new markets. Arjuna Costa, Director of Investments at Omidyar and Monica Brand, fund manager for Action's Frontier Investments Group, will join Mobile Transactions' board of directors. Frontier Investments has supported Mobile Transactions prior to this investment with bridge financing as well as strategic support in market expansion.

Categories: Mobile & Wireless
Companies: Omidyar Network
Countries: Zambia
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